IndusInd Bank shares continue to drop for second consecutive day

Shares of IndusInd Bank continued to fall for second consecutive day on Wednesday and closed nearly 6 per cent lower following a rise in non-performing assets in December quarter. The stock dropped 5.44 per cent to close at Rs 1,400.60 on the BSE. During the day, it tumbled 6 per cent to Rs 1,391.10.

On the NSE, it fell 5.57 per cent to close at Rs 1,399.

It was the worst hit among the 30-share BSE index and Nifty-50 components.

In the previous trade also, it had fallen 4 per cent.

On traded volume terms, 4.23 lakh shares were traded on the BSE and over 1.3 crore shares on the NSE during Wednesday.

In two days, the company's market valuation has eroded by Rs 9,678.58 crore to Rs 97,071.42 crore on the BSE.

IndusInd Bank on Tuesday posted a 32 per cent rise in net profit to Rs 1,300.20 crore for the December 2019 quarter.

The bank had registered a profit of Rs 985.03 crore in the year-ago period.

Its total income during the period under review increased to Rs 9,073.93 crore from Rs 7,232.32 crore in the third quarter of the previous fiscal, IndusInd Bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 2.18 per cent of the total advances at the end of December quarter of the current financial year as against 1.13 per cent by the end of same period a year ago.

Net NPAs increased to 1.05 per cent in the quarter from 0.59 per cent of the total assets in the year-ago period.